Auto Parts Supplier Valeo to Cut 5,000 Jobs

Company expects production to drop by over 20% in Q4

French auto parts maker Valeo said on Dec. 17 it would cut around 5,000 jobs worldwide, including 1,600 in France, in response to the slump in global car sales. Valeo, which employs a total of 54,000 people, said it was adopting a "plan to adapt its head-count in order to deal with the sharp drop in automobile production."

The company said fourth quarter production was expected to drop by over 20%, and that it expected no improvement in 2009.

"Given this situation, and despite the measures already implemented by the Group, Valeo must reduce its permanent head-count in order to maintain its competitiveness," it said.

Copyright Agence France-Presse, 2008

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